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[Rayune]

What is the name of your state (only U.S. law)? Illinois

Question. My wife and I of 2 years are having issues, mainly her not keeping on top of her depressions medication, and stuff us fighting more on finances. Ok to the point.

I am considering a separation, hoping that might push her to counsuling. She owns 2 houses, one she rents out and the one we live in. We have a car loan together all same bank.

I discovered she hasn't been making payments on her rental mortgage. I'd imagine they will forclose soon. She has this property before we married, am I responsible for it?

If she doesn't make it right can they take the house we are in <I make the payments so we are up to date> Will I lose our car do to this?

Thank you for any and all advice

 

[LdiJ]

What is the name of your state (only U.S. law)? Illinois

Question. My wife and I of 2 years are having issues, mainly her not keeping on top of her depressions medication, and stuff us fighting more on finances. Ok to the point.

I am considering a separation, hoping that might push her to counsuling. She owns 2 houses, one she rents out and the one we live in. We have a car loan together all same bank.

I discovered she hasn't been making payments on her rental mortgage. I'd imagine they will forclose soon. She has this property before we married, am I responsible for it?

If she doesn't make it right can they take the house we are in <I make the payments so we are up to date> Will I lose our car do to this?

Thank you for any and all advice

If they foreclose on the rental home (and it would be far better to attempt to sell it, even if it ends up in a short sale) its possible that they could place liens on other assets of hers, for any balance due on the mortgage after the bank sells it.

If there is any way that the mortgage can be brought up to date, and then ensure that the rental income is used to pay the mortgage, that is the best, overall, financial move.